Billionaire investor T. Boone Pickens sold stakes in oil producer Occidental Petroleum Corp. and coal miner Consol Energy Inc. and cut his holding in oil-shale explorer Pioneer Natural Resources Co. in the second quarter.
Pickens’s Dallas-based BP Capital Management LP sold 78,300 shares of Occidental valued at $6.14 million in the three months ended June 30, according to a filing today with the U.S. Securities and Exchange Commission. The fund sold 150,000 shares of Consol valued at $5.05 million and reduced its stake in Pioneer by 74,466 shares valued at $8.65 million.
Occidental, based in Los Angeles, ousted longtime chairman Ray Irani in May and is contemplating breakup plans that include international asset sales and a potential spin off of its California operations. The company’s shares have risen 14 percent this year.
Consol, based in Canonsburg, Pennsylvania, is selling its coal assets as it faces declining U.S. demand for the fossil fuel. Pioneer, which was Pickens’ top holding by market value at the end of the first quarter, is the top performer this year on the 17-member Standard & Poor’s 500 Oil & Gas Exploration & Production Index. The company, based in Irving, Texas, operates in such U.S. areas as the Spraberry/Wolfcamp and Eagle Ford shale formations.
BP Capital sold all its stakes in six companies including Halcon Resources Corp., whose chief executive officer is Floyd Wilson, and technology company Apple Inc. Pickens’ fund bought new stakes in 20 companies including oil and gas explorer Whiting Petroleum Corp. and Canadian oil-sands producer Suncor Energy Inc.
The value of Pickens’ equity holdings rose 1 percent to $101.9 million as of June 30, from $100.9 million at the end of the first quarter, according to the filing.
Money managers who oversee more than $100 million in equities must file a Form 13F with the SEC within 45 days of each quarter’s end to show their U.S.-listed stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.